Finland Economy

Economy - overview: Finland has a highly industrialized, largely free-market economy, with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important, with exports equaling two-fifths of GDP. Finland excels in high-tech exports, e.g., mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Rapidly increasing integration with Western Europe - Finland was one of the 12 countries joining the European Economic and Monetary Union (EMU) - will dominate the economic picture over the next several years. Growth in 2003 was held back by the global slowdown but picked up in 2004. High unemployment remains a persistent problem.

GDP: 2% (FY98/99)

GDP - real growth rate: 3% (2004 est.)

GDP - per capita: purchasing power parity - $29,000 (2004 est.)

GDP - composition by sector: agriculture: 3.3% industry: 30.2% services: 66.5% (2004 est.)

Population below poverty line: NA

Household income or consumption by percentage share: lowest 10%: 4.2% highest 10%: 21.6% (1991)

Distribution of family income - Gini index: 25.6 (1991)

Inflation rate (consumer prices):

Labor force: 2.66 million (2004 est.)

Labor force - by occupation: agriculture and forestry 8%, industry 22%, construction 6%, commerce 14%, finance, insurance, and business services 10%, transport and communications 8%, public services 32%

Unemployment rate: 8.9% (2004 est.)

Budget: revenues: $96.43 billion expenditures: $91.95 billion, including capital expenditures of NA (2004 est.)

Industries: metals and metal products, electronics, machinery and scientific instruments, shipbuilding, pulp and paper, foodstuffs, chemicals, textiles, clothing

Industrial production growth rate: 2% (2004 est.)

Electricity - production: 71.59 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 78.58 billion kWh (2002)

Electricity - exports: 1.5 billion kWh (2002)

Electricity - imports: 13.5 billion kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 211,400 bbl/day (2001 est.)

Oil - exports: 101,000 bbl/day (2001)

Oil - imports: 318,300 bbl/day (2001)

Oil - proved reserves:

Natural gas - production: 0 cu m (2001 est.)

Natural gas - consumption: 4.557 billion cu m (2001 est.)

Natural gas - exports: 0 cu m (2001 est.)

Natural gas - imports: 4.567 billion cu m (2001 est.)

Natural gas - proved reserves:

Agriculture - products: barley, wheat, sugar beets, potatoes; dairy cattle; fish

Exports: $61.04 billion f.o.b. (2004 est.)

Exports - commodities: machinery and equipment, chemicals, metals; timber, paper, pulp (1999)

Exports - partners: Sweden 11.1%, Germany 10.7%, Russia 8.9%, UK 7%, US 6.4%, Netherlands 5.1% (2004)

Imports: $45.17 billion f.o.b. (2004 est.)

Imports - commodities: foodstuffs, petroleum and petroleum products, chemicals, transport equipment, iron and steel, machinery, textile yarn and fabrics, grains (1999)

Imports - partners: Germany 16.2%, Sweden 14.3%, Russia 12.8%, Netherlands 6.3%, Denmark 5.2%, UK 4.6%, France 4.3% (2004)

Debt - external: $30 billion (December 1993)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros per US dollar - 0.81 (2004), 0.89 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000)

Fiscal year: calendar year



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